Why HMC, James Hardie, Piedmont Lithium, and WA1 Resources shares are racing higher

These ASX shares are catching the eye on Wednesday. But why?

| More on:
Smiling man sits in front of a graph on computer while using his mobile phone.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. In afternoon trade, the benchmark index is up 0.25% to 6,994.8 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:

HMC Capital Ltd (ASX: HMC)

The HMC Capital share price is up 3% to $4.73. This morning, Bell Potter initiated coverage on the property company with a buy rating and a $5.55 price target. The broker said: " We prefer REITs where there is a combination of: (1) Low future interest expense impact via higher hedging, already higher WACD, low gearing or actively selling assets in a more-liquid sub-sector; (2) Have underlying earnings growth look forward / solid LFL rental growth; and (3) Prefer healthcare, petrol stations and industrial subsectors over retail and office."

James Hardie Industries plc (ASX: JHX)

The James Hardie share price is up 13% to $46.65. This follows the release of the building materials company's second-quarter update. James Hardie reported flat net sales of $998.8 million but a 2% lift in adjusted net income to a record of US$178.9 million.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is up 3% to 44.2 cents. Investors have been buying this lithium miner's shares after it delivered its first quarterly revenue and profit. Piedmont reported revenue of US$47 million on sales of 29,011 dry metric tons (dmt) of lithium concentrate. Gross profit came in at US$24 million and adjusted net income was US$17 million.

WA1 Resources Ltd (ASX: WA1)

The WA1 Resources share price is up 17% to $11.01. This morning, the niobium explorer revealed that assays from 100 metre-spaced drillholes in the eastern zone further demonstrate continuity of the shallow high-grade blanket of niobium mineralisation at the Luni carbonatite. Niobium is a critical metal with unique properties that make it essential as the world transitions to a low-carbon economy.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 enjoyed a strong start to the trading week today.

Read more »

Smiling couple looking at a phone at a bargain opportunity.
Share Gainers

Why Gentrack, New Hope, Nuix, and Star Entertainment shares are charging higher

These shares are starting the week strongly. But why?

Read more »

Sports fans looking at smart phone representing surging pointsbet share price
Share Gainers

Guess which ASX All Ords share just rocketed 25% on an earnings upgrade

Investors are bidding up the ASX All Ords share following an improved FY 2024 earnings outlook.

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a sobering end to the week's trading this Friday.

Read more »

Man holding Australian dollar notes, symbolising dividends.
Share Gainers

How a $9k investment in this ASX All Ords stock ballooned to $35,234 in just 3 years!

Shares in the ASX All Ords stock have rocketed even as it’s paid out market-beating dividends.

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why AIC Mines, Bendigo and Adelaide Bank, Patriot Battery Metals, and Vulcan Energy are racing higher today

These shares are ending the week in a positive fashion.

Read more »

Emotional euphoric young woman giving high five to male partner, celebrating family achievement, getting bank loan approval, or financial or investing success.
Share Gainers

Guess which ASX lithium share just leapt 13% on major financing news!

Investors are bidding up the ASX lithium share on the back of major financing news.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

The ASX 200 was on fire today, with almost every sector surging.

Read more »